Know the Ins & Outs of Project Work Plan Failure

In project management, a workable plan is as essential as
high stakes for a startup venture. With teams across the globe collaborating,
it is vital for the PMO to master the project planning process.

In this article at Wrike Blog, Laura Quiambao explains that if
a right project plan can save enough time and funds, a failed plan may cost
unexpectedly huge to the organization.

Statistical Proof

According to a recent survey of 2018 Pulse of the Profession by Project Management Institute (PMI), Scaled to encompass total global capital investment, around $1 million is wasted every 20 seconds or $2 trillion annually. Moreover, the Standish Group Chaos Report unveils that only 29 percent of IT projects achieve success while 19 percent are considered utter failures.

A workable project management plan may not just save you enough
time and money, but will also help you understand where most project work plans
fail. Here are a few prime reasons for project
plan failure and tips to avoid them:

Misaligned Vision: Without a clear vision, it is
difficult to find and align with project requirements. Even the teams may not invest
in moving the project along when it hits a snag. To avoid such situations, clearly define the project goals to the team.

Unclear Communication: Often plans fail when project managers
remain stuck in multiple ways of communication. Unless the project work plan
includes a standard process for communication, setting a rhythm of updates is
impossible. By organizing a seamless mode
of communication, you can skip failure.

Impractical Goals: To hit the desired goals and beat
the deadlines, do not hold the project progress on the performance of an
individual. Instead, set realistic goals by plotting team bandwidth and adding
cushion to each task in the plan.

Poor Resource Allocation: Falling short of budget, time, and
team bandwidth may hamper plan execution easily. The project managers must ensure
all the resources they need are well-aligned with their project work plan. The optimized workload may increase productivity
while the contrary may lead to major burnout
or disengagement.

Disconnected Tools: No wonder technology makes lives
easier, but too much use of it in the form of multiple tools may turn tough to
handle. By having a centralized tool, the project managers may keep the projects
on track.

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